Colorado Bankers (CB Life)...

[rats0001]

NCDOI should have started liquidation much earlier when it was obvious rehabiltation would not work.
NCDOI are either incompetent or simply don't care about the policyholders. They do almost nothing to update us on what is going on. Some of the problems are the courts and the unbelievable slowness that things happen. The months long negotiations in 2019 with lindberg were a waste of time. lindberg seems to have a problem with the truth.

 

[Stephen Round]

He’s got 500k of mine in one policy, so im in it for the long haul. worked 35 years for that, so stupid to believe and trust the guy that sold this to me

Sorry to hear about your retirement money being tied up in this quagmire of deceit. Ours, too.

I was 66 and retired when we made this "totally safe" investment with proceeds from the sale of our home. Ours was through our trusted bank. Ha!
Was yours through a bank?

 

[scagnt83]

The months long negotiations in 2019 with lindberg were a waste of time. lindberg seems to have a problem with the truth.

He committed fraud. So yeah. Id say so.

 

[Dan T]

Mine was through a cpa / financial advisor…exact words.. no one has ever lost a dollar in a annuity

 

[Stephen Round]

Mine was through a cpa / financial advisor…exact words.. no one has ever lost a dollar in a annuity

And mine said we were "completely insured", just like the FDIC...

 

[ProActive]

This article in the Triangle Business Journal last Fall talks about the latest proposal of Lindbergh’s to get the companies out of rehab. Note that the NCDOI tells Lindbergh that they themselves had already signed non-disclosure agreements with the company he was proposing. Meaning that the NCDOI has received at least one offer to buy out the company.

A buyout would surely be the best solution, as all terms of everyone’s’ contract would be honoured, including those of excess policyholders.

 

[rats0001]

Why would any insurance company buy it? The asset are crap or nonexistent, most of the policies can now be redeemed without penalty, and the companies are on the hook in several huge lawsuits that they will probably lose.
No sane company would want it. Of course some ridiculous made up company bid $307MM for it, around the day the liquidation was announced, just to further delay the matter.

 

[Allen Trent]

This article in the Triangle Business Journal last Fall talks about the latest proposal of Lindbergh’s to get the companies out of rehab. Note that the NCDOI tells Lindbergh that they themselves had already signed non-disclosure agreements with the company he was proposing. Meaning that the NCDOI has received at least one offer to buy out the company.

A buyout would surely be the best solution, as all terms of everyone’s’ contract would be honoured, including those of excess policyholders.

If I recall, that 1 potential buyer was proposed by Lindberg himself. If I recall, it was Universal holdings & may have been connected to him. Guessing that has a lot to do with why the offer or proposal was rejected

 

[Dan T]

i got the exact same line..completely insured.. but its not the FDIC…i asked what’s going to be your commission on this….nothing was his reply… that should have set off warning bells… but I’ve been dealing with him for 20 years…always thought we were on the level

 

[scagnt83]

i got the exact same line..completely insured.. but its not the FDIC…i asked what’s going to be your commission on this….nothing was his reply… that should have set off warning bells… but I’ve been dealing with him for 20 years…always thought we were on the level

If he was a salaried employee, that could possibly be true. But a commission was paid to some person or entity. Around 3% if I remember correctly from the marketing material they sent out to agents.